AIM PowerGen Corporation (AIM) announced that an agreement has been signed for International Power plc (IPR.L), an independent power producer, to acquire the company from its parent, Renewable Energy Generation Limited, subject to shareholder approval.
The acquisition includes AIM’s operating wind power assets, its development portfolio in Ontario, Newfoundland and Labrador, Manitoba, Saskatchewan and Alberta and its Canadian development team.
Terms of the deal were not disclosed.
AIM’s portfolio is expected to benefit from International Power’s global reach and strong financial backing.
Mike Crawley, AIM’s President and CEO, said he was extremely pleased with the acquisition and the opportunity it offers to AIM and its projects.
“Over the past 8 years AIM has built one of the strongest development portfolios in Canada and with this acquisition we are now in a position to move more of these projects into operation more quickly” says Crawley. “Joining International Power is the next phase of our evolution”.
Philip Cox, CEO of International Power, said, "This acquisition adds a high-quality wind portfolio of operational and development assets, with an experienced development team, to our North American business. It represents an excellent opportunity for International Power to establish a platform for future growth in the attractive Canadian renewables sector. The Green Energy Act and feed-in tariff program recently enacted by the government of Ontario provides a good basis for long-term investment in Ontario and was a key driver of our interest in AIM.”
“Its business as usual at AIM,” says Crawley. “Our management team will remain in place and our development team will continue to advance our projects in the field.”
International Power plc is an independent electricity generating company with 33,227MW gross (21,358MW net) in operation and 3,290MW gross (988MW net) under construction. International Power has power plants in operation or under construction in Australia, the United States of America, the United Kingdom, Belgium, the Czech Republic, France, Germany, Italy, the Netherlands, Portugal, Spain, Turkey, Bahrain, Oman, Qatar, Saudi Arabia, the UAE, Indonesia, Pakistan, Puerto Rico and Thailand.
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